Hola amig@s fintech,

The FINNOSUMMIT 2024 week is approaching, don’t forget that you get a 20% discount as a TWIF paid subscriber, just email us at latam@thisweekinfintech.com. Secure your place! 

A brief reminder of our next events in Mexico City: 

• September 24 - Fintech Talks @Finnosummit by TWIF, Accion, Niva, BGBG & CFX Network 
• September 25 - Happy Hour by TWIF & Ripple
• September 26 - Fintech Breakfast by TWIF & CFC Network
• October 22 - Fintech Founders, Operators & VCs Mixer by Ensemblex, Timbi & BGBG

RSVP now! 

Please find below this week’s front page of LatAm fintech news. If you’re reading this on the web, we’d appreciate your support by sharing and subscribing.  

💛 Until next weekend. Até a próxima!

• Lorena

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📊 Stat of the Week

Brazil dominated the Latin American fintech market in Q2 2024, securing 50% of the region's top 10 deals. The country continues to be a key player in the fintech space, showcasing its strong market presence and investment appeal. Brazil's leadership in fintech investment reflects broader trends of innovation and capital inflows into the region's financial technology sector (Source).

📖  Read of the Week

The “LAVCA Trends in Tech 2024” report highlights a total of $4 billion deployed across 770 transactions in LatAm in 2023. While VC investments have stabilized compared to 2021's peak, early-stage rounds accounted for 42% of the total capital deployed. Brazil led with 47% of total VC dollars, while fintech remained the dominant sector, capturing 46% of all VC investment in the region.

🦉 Post of the Week

🎙️ Podcast of the Week

💸 Venture Financing

💸 Equity

🇪🇨 AltScore, the Ecuadorian AI-driven credit infrastructure, raised a $8.5 million Series A round led by Haymaker Ventures. The funds will be used to expand its operations and enhance its lending-as-a-service platform across LatAm.

🇨🇴 Koggi, the Colombian AI-based platform for mortgage credit applications, raised $3.1 millions in a funding round led by Second Century Ventures. 

💰 Venture funds 

🇵🇪 UTEC Ventures aims to invest $2.5 million in Peruvian startups. They plan to allocate $800,000 in 2024 focusing on early-stage tech companies.

🇺🇾 Cubo Itaú, the Brazilian innovation hub for startups, expanded into Uruguay. The hub brings together 15 investment funds managing $2.1 billion and plans to onboard 30 startups by the end of the year.

☯️ Exits

🤝 M&A - Fintech

🇧🇷 Unico, the Brazilian digital identity company, announced the acquisition of Trully, the Mexican identity verification company. 

🚀 Product Launches & Partnerships

💻 Fintech 

🇲🇽 Uala, the Argentine digital wallet and financial services company, launched a new guaranteed credit card in Mexico. It aims to enhance its financial solutions for Mexican consumers and strengthen its position in LatAm.

🇨🇴 Clara, the LatAm business credit card, is accelerating its expansion plans within Colombia. The company aims to grow its footprint and improve its offerings in the local market.

🇨🇴 Revolut, the UK-based neobank, is preparing to enter the Colombian market. This expansion is part of Revolut’s broader strategy to increase its presence in LatAm.

🇨🇴 RappiPay, the financial services arm of Rappi, announced the launch of business accounts in Colombia. This move will offer more tailored-made financial services to local businesses.

🇲🇽 Bitget, the global cryptocurrency exchange with trading and investment services, expanded its operations in LatAm by adding support for Mexican peso deposits. 

🇨🇴 Nequi, the Colombian app that provides financial services, and JetSMART, the low-cost airline company, announced a partnership to offer a 35% discount promotion in Colombia. 

🇲🇽 Clip, the Mexican fintech unicorn, announced the launch of new wallet for boosting its support to SMEs. The company is investing in new tools and services to help local businesses grow and succeed.

🇵🇪 Yape, the Peruvian fintech offering digital payment solutions, announced the launch of "buy now, pay later" (BNPL) options for 2025. The company aims to provide flexible payment solutions to its users and expand its offerings.

🇨🇴 Buda.com, the Colombian fintech specializing in cryptocurrency trading, expanded its operations into Africa. The company aims to tap into new markets and leverage opportunities in the African crypto landscape.

🇨🇱 Forma, the Chilean fintech offering digital banking and financial services, expanded its presence across LatAm. The company aims to enhance its market footprint and provide more comprehensive financial solutions in the region.

🇲🇽 Sumametros, the real estate investment platform, announced its launch in partnership with BeGrand. The company offers innovative investment opportunities in the real estate sector, aiming to attract more investors to its platform.

🇨🇴 Duppla, the company providing various financial solutions, developed a model to offer new alternatives for financing Colombian consumers.

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📰 Other News 

🇧🇷 Bárbara Cabrera Espir was named Country Manager at Bitso for Brazil.

🇨🇱 Domingo Lama was named General Manager at Rappi for Chile.

🇲🇽 Finsus, the online financial platform that offers SME credit and financial services, introduced new technologies aimed at revolutionizing the tortilla industry in Mexico. This move seeks to modernize production processes and enhance efficiency in the sector, reflecting a broader trend towards digital transformation in traditional industries.

🇦🇷 Arvo, the Argentinian healthtech company specializing in payment fraud prevention, raised $4.5 million in funding. This investment will be used to advance their technology and expand their capabilities in safeguarding digital transactions within the healthcare sector.

🇲🇽 Shein, the global fashion e-commerce platform, announced a partnership with businessman Carlos Slim to transform its business operations. This partnership aims to leverage Slim’s expertise and resources to drive innovation and growth for Shein in the Mexican market.

🇲🇽 Mercado Libre, the leading LatAm e-commerce platform, launched a new phone trade-in program in Mexico. Users can exchange their old smartphones for discounts on new purchases, enhancing the platform’s offerings and promoting sustainability.

🇧🇷 Gringo, the Brazilian vehicle management platform, raised $12.4 million in a Series C extension to further develop its app and services.

📚 Deeper Reads

AI’s tween years, who’s taking over climate tech, and the latest for Fearless Fund

Mexico: the digital revolution has reached tortillas (ES)

The embedded finance revolution in Colombia (ES)

“Entrepreneurship in Latin America flourishes in chaos” (ES)

📣 LatAm startup alum who have been impacted by layoffs and recruiters looking for top talent, check out the Startups Alumni and Layoffs Brasil databases.  

If you’re looking to hire from a group of 10,000+ smart, motivated fintech professionals, come pick up a Collective Pass and post a job here.  If you’re looking for your next adventure at one of the best fintech companies, check out the open roles here!

Made in LatAm with 💛 by Elena and Lorena

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